Hunt Mortgage Group Arranges $34M to Refinance Multifamily Properties

Hunt Mortgage Group, New York, provided four Fannie Mae loans totaling $34.4 million that refinanced multifamily properties in Ohio and California. 

The Ohio properties include:

–The Ridge at Taylor Station in Columbus. Hunt provided a $6.8 million 10-year Fannie Mae loan with a 30-year amortization schedule to refinance this 192-unit garden-style property. The borrower is sponsored by Perry-Sycamore Limited Partnership. 

–Fox Run Apartments in Willoughby. Hunt provided $12.8 million to borrower Friedman Properties Ltd. for this property with 12 two-story buildings. 

–Parkway Apartments in Willoughby. Borrower Lake Forest Village Limited received a $5.3 million ten-year Fannie Mae loan facility for this 1970-vintage property that underwent a renovation last year. 

“These properties are all in good condition, well managed and enjoy low vacancy rates,” said Hunt Mortgage Group Managing Director Gregory Cazel, who closed the transactions. He noted that MSF Real Estate Capital, Columbus, brokered all three deals.

In Perris, Calif., Hunt Mortgage Group provided a $9.5 million Fannie Mae loan to refinance The Hunt Club Apartments, a 203-unit garden-style community on 14.9 acres. Vice President Krage Olrich arranged the 12-year with 144 months of interest-only payments. Yield maintenance will apply during the first 11.5 years. 

Located in the Riverside-San Bernardino-Ontario metro known as the Inland Empire, The Hunt Club Apartments is 55 miles east of Los Angeles. “Housing in the Inland Empire has been performing well with a strong labor market and low interest rates,” Olrich said. “It has also become an affordable alternative to some more expensive coastal regions.”